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Fitch upgrades Unipol Banca after similar action on parent

Fitch Ratings on May 14 upgraded Unipol Banca SpA's long-term issuer default rating to BB+ from BB, following the recent upgrade on parent Unipol Gruppo SpA's rating to BBB from BBB-.

The outlook is stable. The agency also affirmed the Italian bank's short-term issuer default rating at B and support rating at 3.

The issuer default and support ratings of Unipol Banca reflect Fitch's expectation that there is a moderate likelihood the bank will receive support from its parent in case of need. The upgrade indicates the parent's increased ability to support Unipol Banca, Fitch said.